1. Government promises to take steps to reduce inflation 2. Government appears to have precisely 2 tools to attempt to achieve this-to make workers bear the cost of previous inflation by refusing to give pay rises taking inflation in to account; and to leave the Bank of England to set the Bank Rate 3. Government seeks to blame the Bank of England for implementing the misery on people with Mortgages that the Government requested
Perhaps the Government might actually have some policies in place whereby they provide "Government". The PM. The Chancellor. Or, indeed, anyone.
Rather than pretending it is nothing to do with them. If you are elected to lead the country, then lead. Or leave.
I was watching NewsNight, the other night. They were interviewing a couple of women about their increased mortgage repayments. The first one said hers had increased by £400 per month, and she didnt really know where she was going to get the money from. The second was married, and both she and her husband were high earners. Their payments were about to increase by £1,000 per month. She said this would be difficult to manage. They have young children, and their childcare costs are £1,800 per month. She cant afford to give up work to look after the kids. Their house is valued at £600k. One of the solutions put forward is to switch to an interest only mortgage. This is not an option for them, as they dont have the required 25% equity in their house, to enable them to do this.
I was watching Martin Lewis on Newscast last night. He was (as usual) speaking a lot of sense.
He pointed out that roughly 1/3 of us own a house outright, 1/3 have a Mortgage, and 1/3 rent. Of the 1/3 who have a mortgage, it is only the ones on variable or coming off fixed rates that are affected. About 20% of the total population.
The Government held summits late last year, and were warned this would happen. And have done nothing. The only real difference is that they expected the bank rate to go up faster, earlier.
House prices are artificially high precisely because interest rates have been so low for the last 15 years. Banks will, for example, allow people with less than 25% equity to reduce payments. Precisely because the Lenders are less likely to recover their money if such houses are repossessed.
1. Government promises to take steps to reduce inflation 2. Government appears to have precisely 2 tools to attempt to achieve this-to make workers bear the cost of previous inflation by refusing to give pay rises taking inflation in to account; and to leave the Bank of England to set the Bank Rate 3. Government seeks to blame the Bank of England for implementing the misery on people with Mortgages that the Government requested
Perhaps the Government might actually have some policies in place whereby they provide "Government". The PM. The Chancellor. Or, indeed, anyone.
Rather than pretending it is nothing to do with them. If you are elected to lead the country, then lead. Or leave.
I was watching NewsNight, the other night. They were interviewing a couple of women about their increased mortgage repayments. The first one said hers had increased by £400 per month, and she didnt really know where she was going to get the money from. The second was married, and both she and her husband were high earners. Their payments were about to increase by £1,000 per month. She said this would be difficult to manage. They have young children, and their childcare costs are £1,800 per month. She cant afford to give up work to look after the kids. Their house is valued at £600k. One of the solutions put forward is to switch to an interest only mortgage. This is not an option for them, as they dont have the required 25% equity in their house, to enable them to do this.
I was watching Martin Lewis on Newscast last night. He was (as usual) speaking a lot of sense.
He pointed out that roughly 1/3 of us own a house outright, 1/3 have a Mortgage, and 1/3 rent. Of the 1/3 who have a mortgage, it is only the ones on variable or coming off fixed rates that are affected. About 20% of the total population.
The Government held summits late last year, and were warned this would happen. And have done nothing. The only real difference is that they expected the bank rate to go up faster, earlier.
House prices are artificially high precisely because interest rates have been so low for the last 15 years. Banks will, for example, allow people with less than 25% equity to reduce payments. Precisely because the Lenders are less likely to recover their money if such houses are repossessed.
It is impossible for youngsters these days.
More than 1.4 million households face higher fixed rate mortgage bills this year A bill shock is on the way for many more households yet to suffer the impact of the market mayhem that followed the Truss government's mini-budget of last September.
More than 1.4 million fixed rate mortgage customers are facing the prospect of significant hikes to their monthly payments when their deals end this year, according to official figures.
The Office for National Statistics (ONS) said 57% of those coming up for renewal in 2023 were fixed at interest rates below 2%.
It added that deals set to mature next year will be from two-year fixed rate loans made in 2022 and five-year fixed rate deals made in 2019, when "mortgage rates were generally higher than 2%".
Households on tracker and standard variable deals have endured rising bills for over a year - reflecting the surge in the cost of borrowing imposed by the Bank through interest rate rises to curb inflation.
the poor have too much money, people are spending too much...........so we need inflation.
they tell us they will solve it by increasing intrest rates.
so while the rich are skimming all the economies excess money by charging increased prices for everything, their saving pots are also getting bigger at a faster rate.
is that how it works, is the game rigged........or do us simple common folk just not understand?
1. Government promises to take steps to reduce inflation 2. Government appears to have precisely 2 tools to attempt to achieve this-to make workers bear the cost of previous inflation by refusing to give pay rises taking inflation in to account; and to leave the Bank of England to set the Bank Rate 3. Government seeks to blame the Bank of England for implementing the misery on people with Mortgages that the Government requested
Perhaps the Government might actually have some policies in place whereby they provide "Government". The PM. The Chancellor. Or, indeed, anyone.
Rather than pretending it is nothing to do with them. If you are elected to lead the country, then lead. Or leave.
I was watching NewsNight, the other night. They were interviewing a couple of women about their increased mortgage repayments. The first one said hers had increased by £400 per month, and she didnt really know where she was going to get the money from. The second was married, and both she and her husband were high earners. Their payments were about to increase by £1,000 per month. She said this would be difficult to manage. They have young children, and their childcare costs are £1,800 per month. She cant afford to give up work to look after the kids. Their house is valued at £600k. One of the solutions put forward is to switch to an interest only mortgage. This is not an option for them, as they dont have the required 25% equity in their house, to enable them to do this.
I was watching Martin Lewis on Newscast last night. He was (as usual) speaking a lot of sense.
He pointed out that roughly 1/3 of us own a house outright, 1/3 have a Mortgage, and 1/3 rent. Of the 1/3 who have a mortgage, it is only the ones on variable or coming off fixed rates that are affected. About 20% of the total population.
The Government held summits late last year, and were warned this would happen. And have done nothing. The only real difference is that they expected the bank rate to go up faster, earlier.
House prices are artificially high precisely because interest rates have been so low for the last 15 years. Banks will, for example, allow people with less than 25% equity to reduce payments. Precisely because the Lenders are less likely to recover their money if such houses are repossessed.
According to Sky News yesterday there are a further 2.4 million households that come out of fixed term deals next year. Not good news for the Tories. I suppose there are some difficult choices to be made. Do you go for a longer term fixed rate to give you more peace of mind. Or a shorter term, in the hope that the rates will be be reduced sometime soon, and run the risk of coming unstuck if rates continue to rise.
1. Government promises to take steps to reduce inflation 2. Government appears to have precisely 2 tools to attempt to achieve this-to make workers bear the cost of previous inflation by refusing to give pay rises taking inflation in to account; and to leave the Bank of England to set the Bank Rate 3. Government seeks to blame the Bank of England for implementing the misery on people with Mortgages that the Government requested
Perhaps the Government might actually have some policies in place whereby they provide "Government". The PM. The Chancellor. Or, indeed, anyone.
Rather than pretending it is nothing to do with them. If you are elected to lead the country, then lead. Or leave.
I was watching NewsNight, the other night. They were interviewing a couple of women about their increased mortgage repayments. The first one said hers had increased by £400 per month, and she didnt really know where she was going to get the money from. The second was married, and both she and her husband were high earners. Their payments were about to increase by £1,000 per month. She said this would be difficult to manage. They have young children, and their childcare costs are £1,800 per month. She cant afford to give up work to look after the kids. Their house is valued at £600k. One of the solutions put forward is to switch to an interest only mortgage. This is not an option for them, as they dont have the required 25% equity in their house, to enable them to do this.
I was watching Martin Lewis on Newscast last night. He was (as usual) speaking a lot of sense.
He pointed out that roughly 1/3 of us own a house outright, 1/3 have a Mortgage, and 1/3 rent. Of the 1/3 who have a mortgage, it is only the ones on variable or coming off fixed rates that are affected. About 20% of the total population.
The Government held summits late last year, and were warned this would happen. And have done nothing. The only real difference is that they expected the bank rate to go up faster, earlier.
House prices are artificially high precisely because interest rates have been so low for the last 15 years. Banks will, for example, allow people with less than 25% equity to reduce payments. Precisely because the Lenders are less likely to recover their money if such houses are repossessed.
They keep coming up with some strange arguments. They argue that higher interest rates are required to cool the economy down. Yet they then argue against high interest rates. They also argue that the BoE should have acted quicker to increase rates. Doesnt that just mean we would have reached the situation we are in today, quicker?
My Talk Talk Broadband (Fast Fibre) is up for renewal next month.....so having spent 50 minutes on Live Chat getting passed from one supposed loyalty department to another and ending up where I started, I rang them on the Freephone number I'd managed to get out of them.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
My Talk Talk Broadband (Fast Fibre) is up for renewal next month.....so having spent 50 minutes on Live Chat getting passed from one supposed loyalty department to another and ending up where I started, I rang them on the Freephone number I'd managed to get out of them.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
My Talk Talk Broadband (Fast Fibre) is up for renewal next month.....so having spent 50 minutes on Live Chat getting passed from one supposed loyalty department to another and ending up where I started, I rang them on the Freephone number I'd managed to get out of them.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
My Talk Talk Broadband (Fast Fibre) is up for renewal next month.....so having spent 50 minutes on Live Chat getting passed from one supposed loyalty department to another and ending up where I started, I rang them on the Freephone number I'd managed to get out of them.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
......... I did learn something after all
Know any Financial Advisers?
Quite a few funnily enough ......but they usually charge you, so I rely on Martin Lewis and his Team at MoneySavingExpert.com
My Talk Talk Broadband (Fast Fibre) is up for renewal next month.....so having spent 50 minutes on Live Chat getting passed from one supposed loyalty department to another and ending up where I started, I rang them on the Freephone number I'd managed to get out of them.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
......... I did learn something after all
Know any Financial Advisers?
Quite a few funnily enough ......but they usually charge you, so I rely on Martin Lewis and his Team at MoneySavingExpert.com
Comments
He pointed out that roughly 1/3 of us own a house outright, 1/3 have a Mortgage, and 1/3 rent. Of the 1/3 who have a mortgage, it is only the ones on variable or coming off fixed rates that are affected. About 20% of the total population.
The Government held summits late last year, and were warned this would happen. And have done nothing. The only real difference is that they expected the bank rate to go up faster, earlier.
House prices are artificially high precisely because interest rates have been so low for the last 15 years. Banks will, for example, allow people with less than 25% equity to reduce payments. Precisely because the Lenders are less likely to recover their money if such houses are repossessed.
More than 1.4 million households face higher fixed rate mortgage bills this year
A bill shock is on the way for many more households yet to suffer the impact of the market mayhem that followed the Truss government's mini-budget of last September.
More than 1.4 million fixed rate mortgage customers are facing the prospect of significant hikes to their monthly payments when their deals end this year, according to official figures.
The Office for National Statistics (ONS) said 57% of those coming up for renewal in 2023 were fixed at interest rates below 2%.
It added that deals set to mature next year will be from two-year fixed rate loans made in 2022 and five-year fixed rate deals made in 2019, when "mortgage rates were generally higher than 2%".
Households on tracker and standard variable deals have endured rising bills for over a year - reflecting the surge in the cost of borrowing imposed by the Bank through interest rate rises to curb inflation.
https://news.sky.com/story/more-than-1-4-million-households-face-higher-fixed-rate-mortgage-bills-this-year-12783025
they tell us they will solve it by increasing intrest rates.
so while the rich are skimming all the economies excess money by charging increased prices for everything, their saving pots are also getting bigger at a faster rate.
is that how it works, is the game rigged........or do us simple common folk just not understand?
Not good news for the Tories.
I suppose there are some difficult choices to be made.
Do you go for a longer term fixed rate to give you more peace of mind.
Or a shorter term, in the hope that the rates will be be reduced sometime soon, and run the risk of coming unstuck if rates continue to rise.
They argue that higher interest rates are required to cool the economy down.
Yet they then argue against high interest rates.
They also argue that the BoE should have acted quicker to increase rates.
Doesnt that just mean we would have reached the situation we are in today, quicker?
Supermarkets are an oligopoly. Who routinely fix prices to maximise profits. A recent example being the petrol prices scam.
When a supermarket announces a "price match" what they are really saying is they are going to copy their mate's prices.
......spent another 30 minutes or so, telling them I couldn't afford the £29.95 per month Renewed contract......or the £22.95 24 month contract with £5 off for the first 3 months.
So quite a bit of haggling, including telling them constantly I wanted to end my contract, and was going to switch to Vodafone's Social Tarriff which is just £12 per month, (but slower speed, and I'm not sure I could get it anyway)
Eventually I managed to get a deal, after for the -enth time " would I stay on the line whilst I speak to my Line manager" ( he's lying! )........."Thank You for your patience" ( he's still lying! ) etc. etc. ......they offered me a 12 month contract ( so not tied-in to two BIG mid-contract above inflation price rises) at £23.95, but £5 discount for the first three months, and also an £80 CREDIT so very nearly £8 discount per month.
£12 per month would have been GREAT .....but £16 per month I'm pretty happy with, to just continue on without any further hassle....... Two hours work for £95
Must thank @HAYSIE for an education in 'friendly' haggling, shutting up and making them talk first, especially when you're getting what you want, and remembering that when they go to speak to their Line Manager, they are actually just having a Cup of Tea, and hoping you will accept their offer when they get back to you
......... I did learn something after all
https://uk.yahoo.com/finance/news/not-rip-off-retailers-says-114544611.html